The Association between Client-specific Investment Opportunities and Audit Fees of Industry Specialists and Non-Specialists
Audit clients' investment opportunity sets (IOS) include firm-specific opportunities that are unique to the client, as well as opportunities generalizable to the client's industry and opportunities even more generically available to all firms. Prior research does not examine the variation in audit fees related to firm-specific IOS nor how firm-specific IOS affects the premiums charged by industry specialist auditors. We find that firm-specific IOS plays a distinct role in the pricing of audit...[Show more]
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|Source:||International Journal of Auditing|
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